Ethereum News: Tom Lee’s Fundstrat Buys Another 8,625 $ETH Worth $82.11M

BitMine boosts Ethereum reserves with major buys during market weakness as whales and analysts eye a potential rebound despite key resistance

Ethereum has had a turbulent month, yet BitMine keeps expanding its position. 

The company raised its holdings again through large purchases during the recent market slump. 

BitMine Expands Ethereum Holdings Despite Market Pressure

BitMine bought 21,537 ETH through FalconX. The transfer pushed the company’s total supply to more than 3.5 million ETH and that figure equals close to 3% of the circulating supply.

This places BitMine among the largest corporate holders of the asset.

The timing of the purchase also came during a pullback in Ethereum and the rest of the market. This decline created billions in unrealised losses on BitMine’s balance sheet. 

Even so, the company stayed committed to its buying plan under its Strategic ETH Reserve program. The firm sees long-term value in steady accumulation rather than waiting for ideal market levels.

Lookonchain tracked the wallet activity and confirmed the movement of tokens. The transfer followed a stretch of price weakness that pushed ETH below the $2,700 level before it attempted a recovery.

Market Conditions Influence BitMine’s Strategy

Tom Lee, BitMine chair explained that the recent slide came from market mechanics rather than structural problems. He pointed to an October liquidity shock that wiped out large leveraged positions across crypto markets. 

Lee compared the event to past episodes like the post-FTX unwind in 2022.

Lee expects a V-shaped recovery once markets settle and he remains confident that the cleansing period will lead to stronger conditions. His comments show the company’s willingness to continue acquiring ETH even during stress.

Data support the idea that BitMine has not slowed down. On November 22, a wallet tied to the company received 21,537 ETH valued at about$ 59 million. A second purchase added 28,625 ETH worth around $82 million. These back-to-back buys helped drive a noticeable spike in trading volume.

CoinMarketCap recorded a 35% jump in 24-hour volume, reaching $24 billion. ETH traded near $2,795 during the surge as traders attempted to reclaim the $2,850 to $2,900 range.

Related Reading: BitMine Posts $328M Profit, Plans MAVAN ETH Staking Launch

Whales Add More Buying Pressure

Large holders joined the activity. Lookonchain reported that wallet 0x8d0e bought 4,022 ETH worth about $11 million on Hyperliquid. The wallet opened a 20x long position of 2,034.5 ETH as well as a 10x long position on BCH.

These moves indicate that some traders expect upward price action once ETH clears its resistance zone. The cluster of leveraged positions shows an outlook that favours a rebound rather than a deeper drop.

Still, there is some risk to be aware of. 

Popular trader Ted warned that failure to reclaim the $2,850 to $2,900 level could send ETH toward the $2,500 support region. His view shows short-term uncertainty despite general optimism.

Still, some observers are upbeat about the upcoming Fusaka upgrade scheduled for Dec. 3. 

Matt Hougan, chief investment officer at Bitwise, said the update has not received enough attention. He believes the changes to the execution layer and staking returns will be the next phase of Ethereum’s development.

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